Atom Investors LP Buys Shares of 65,108 Lumentum Holdings Inc. (NASDAQ:LITE)

Atom Investors LP purchased a new position in Lumentum Holdings Inc. (NASDAQ:LITE) during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm purchased 65,108 shares of the technology company’s stock, valued at approximately $4,127,000. Atom Investors LP owned about 0.09% of Lumentum as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Envestnet Portfolio Solutions Inc. boosted its stake in Lumentum by 30.5% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 11,824 shares of the technology company’s stock worth $602,000 after acquiring an additional 2,762 shares during the last quarter. Mcdonald Partners LLC boosted its position in shares of Lumentum by 1.6% during the second quarter. Mcdonald Partners LLC now owns 19,830 shares of the technology company’s stock worth $1,010,000 after purchasing an additional 318 shares in the last quarter. Leeward Investments LLC MA grew its holdings in shares of Lumentum by 5.6% in the 2nd quarter. Leeward Investments LLC MA now owns 377,152 shares of the technology company’s stock valued at $19,205,000 after buying an additional 20,046 shares during the period. Legacy Capital Group California Inc. bought a new stake in shares of Lumentum in the 2nd quarter valued at $346,000. Finally, JB Capital LLC raised its stake in Lumentum by 85.0% during the 2nd quarter. JB Capital LLC now owns 31,069 shares of the technology company’s stock worth $1,582,000 after buying an additional 14,271 shares during the period. Institutional investors own 94.05% of the company’s stock.

Insider Activity

In related news, Director Harold L. Covert sold 15,000 shares of the stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $87.17, for a total value of $1,307,550.00. Following the completion of the transaction, the director now owns 8,761 shares of the company’s stock, valued at $763,696.37. This represents a 63.13 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Vincent Retort sold 41,710 shares of the firm’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $89.52, for a total value of $3,733,879.20. Following the sale, the insider now directly owns 147,515 shares in the company, valued at approximately $13,205,542.80. This trade represents a 22.04 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 71,910 shares of company stock worth $6,339,239. Corporate insiders own 0.19% of the company’s stock.

Wall Street Analyst Weigh In

LITE has been the subject of several research reports. Northland Securities increased their price objective on shares of Lumentum from $45.00 to $60.00 and gave the stock a “market perform” rating in a research report on Friday, November 8th. Morgan Stanley upped their price objective on Lumentum from $61.00 to $76.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 14th. Rosenblatt Securities lifted their target price on Lumentum from $69.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, November 8th. JPMorgan Chase & Co. upped their price target on Lumentum from $57.00 to $65.00 and gave the stock an “overweight” rating in a research report on Monday, August 12th. Finally, Needham & Company LLC lifted their price objective on shares of Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $74.85.

Lumentum Trading Up 3.8 %

Shares of LITE stock opened at $86.97 on Monday. Lumentum Holdings Inc. has a 12-month low of $38.28 and a 12-month high of $91.21. The firm has a 50 day moving average price of $72.09 and a two-hundred day moving average price of $58.36. The company has a quick ratio of 4.04, a current ratio of 5.36 and a debt-to-equity ratio of 2.87. The company has a market capitalization of $5.97 billion, a PE ratio of -10.50 and a beta of 0.88.

Lumentum Profile

Lumentum Holdings Inc manufactures and sells optical and photonic products in the Americas, the Asia-Pacific, Europe, the Middle East, and Africa. The company operates through two segments: Optical Communications (OpComms) and Commercial Lasers (Lasers). The OpComms segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and data over high-capacity fiber optic cables.